Early stage venture fund Independence Equity I has backed Champaign, Illinois-based Autonomic Materials. The company manufactures self-healing polymeric systems.
Independence Equity I LP, an early-stage venture fund announces an investment in Champaign, Illinois-based Autonomic Materials, Inc (AMI). The company provides innovative self-healing polymeric systems that are capable of autonomically repairing themselves after damage (coating systems such as paints that self-repair when scratched or damaged).
According to Independence Equity Partner Laurence Hayward, “Corrosion costs society in excess of 500 Billion dollars annually. While coatings have improved significantly, they ultimately fail when damaged, which exposes the underlying substrate to the elements. AMI is commercializing the first truly self-healing coating technology that addresses this issue. The potential benefits include reduction in material waste, safer structures and less frequent reapplications and maintenance.”
AMI’s products are based on extensive research from the Autonomous Materials Systems (AMS) Group at the University of Illinois at Urbana-Champaign. The Group developed and patented technologies for the production of self-healing polymer systems. AMI’s technology adds protection to high-value structures which are exposed to environmental stresses. Their systems are engineered to lengthen coating lifetimes, thereby reducing the costs (principally labor) and disruption associated with the recoating of surfaces.
AMI is currently working with more than a dozen potential customers and product specifiers, which include major coatings producers and end-users.
About Independence Equity: Independence Equity I, LP is an early-stage venture capital fund focused on technologies that improve resource utilization. These include technologies that reduce input costs such as raw materials, energy and labor, improve yield in production processes, or decrease waste or scrap. The fund’s interests comprise sectors such as material science, industrial innovation, and clean technologies (“cleantech”).